The Tata Power Presentation Title (Company Arial, Font sizeLtd. 28 ) Date, Venue, etc August ..( Arial, Font size 2013 18 ) …Message Box ( Arial, Font size 18 Bold) Disclaimer •Certain statements made in this presentation may not be based on historical information or facts and may be “forward looking statements”, including those relating to The Tata Power Company Limited‟s general business plans and strategy, its future outlook and growth prospects, and future developments in its industry and its competitive and regulatory environment. Actual results may differ materially from these forward-looking statements due to a number of factors, including future changes or developments in The Tata Power Company Limited‟s business, its competitive environment, its ability to implement its strategies and initiatives and respond to technological changes and political, economic, regulatory and social conditions in India. •This presentation does not constitute a prospectus, offering circular or offering memorandum or an offer to acquire any Shares and should not be considered as a recommendation that any investor should subscribe for or purchase any of The Tata Power Company Limited‟s Shares. Neither this presentation nor any other documentation or information (or any part thereof) delivered or supplied under or in relation to the Shares shall be deemed to constitute an offer of or an invitation by or on behalf of The Tata Power Company Limited. •The Company, as such, makes no representation or warranty, express or implied, as to, and do not accept any responsibility or liability with respect to, the fairness, accuracy, completeness or correctness of any information or opinions contained herein. The information contained in this presentation, unless otherwise specified is only current as of the date of this presentation. Unless otherwise stated in this document, the information contained herein is based on management information and estimates. The information contained herein is subject to change without notice and past performance is not indicative of future results. The Tata Power Company Limited may alter, modify or otherwise change in any manner the content of this presentation, without obligation to notify any person of such revision or changes. This presentation may not be copied and disseminated in any manner. •THE INFORMATION PRESENTED HERE IS NOT AN OFFER FOR SALE OF ANY EQUITY SHARES OR ANY OTHER SECURITY OF THE TATA POWER COMPANY LIMITED. …Message Box ( Arial, Font size 18 Bold) 1 A Tata Group Company Revenue by business segments Chemicals, 3 Services, 4 Energy, 6 Engineering , 39 IT & Comm, 16 Revenue FY 2012 INR 4,757 bn Consumer Products, 4 Materials, 28 Chemicals Energy Services IT & Comm Consumer Products Materials Engineering Listed Companies Mkt Cap ($ bn)2 Promoter Shareholding (%)1 73.9 Tata Consultancy Services 62.29 Tata Motors 18.03 34.7 Tata Steel 488 31.3 Titan 3.29 53.1 Tata Power 3.19 32.5 Tata Global Beverages 1.51 35.2 Tata Chemicals 1.04 31.1 Tata Communications 0.86 76.2 Indian Hotels 0.61 37.5 Trent 0.51 32.6 Rallis 0.48 50.1 Voltas 0.41 30.2 Notes: 1 As of March 2013. Source: BSE website 2 As of 19 Sept 2013; Conversion rate of 1US$ = INR 61.78. Source: Tata group website …Message Box ( Arial, Font size 18 Bold) 2 Tata Power is India‟s largest Integrated Power Utility • Founded in 1906 to supply power to Mumbai – First hydro plant commissioned in 1915 – Set up thermal power plants in Mumbai in the 1950s • Expanded in India after private sector reforms in 1990s Fuel Fuel Logistics Generation Transmission Distribution Presence across the entire value chain • Thrust on renewable energy sources including hydro, wind, solar and geothermal • Successful Public Private Partnerships in generation, transmission and distribution …Message Box ( Arial, Font size 18 Bold) 3 Power Trading Tata Power: Business Overview Power Business Generation Transmission Investments Technical • Exergen • Geodynamics • Sunengy Other Businesses Distribution Financial 5% • TTML 7% • TTSL 15% • Panatone • Tata Comm • • • 7% 7% 40% 17% SED Tata Power Solar Systems 100% Tata Projects Trading • • • • • • • • • • • • • • • • • • • • Fuel & Logistics • • • • Division Trombay Hydro Jojobera Belgaum Haldia Wind Farms CGPL (Mundra UMPP) Maithon IEL Dagachhu OTP Geothermal Cennergi Georgia Hydro 100% 74% 74% 26% 50% 50% 40% Mumbai Powerlinks 51% Mumbai Delhi: TPDDL Jamshedpur : TPJDL 51% Tata Power Trading 100% Indonesian Coal Mines (KPC and Arutmin) Indonesian Coal Mine (BSSR) Mandakini Tubed Trust Energy 30% 26% 33% 40% 100% Other SPVs 48% …Message Box ( Arial, Font size 18 Bold) 4 Investment % stakes Existing Generation Assets and Growth Plans 30000 25000 Operational Under Execution Trombay 1580 Hydros 447 Belgaum 81 Wind 398 Haldia 120 Jojobera 428 IEL 240 Solar 28 Maithon 1050 TPDDL 108 Lodhivali 40 Mundra 4000 Mulshi 10 Tata Motors Rooftop 0.5 Dagacchu 126 Kalinganagar 202 TOTAL Thermal Renewables Projects under scanning- 7000 MW* 8200 1000 25000 MW TOTAL 9200 339 3521 443 20000 TOTAL Projects in advanced stages of development 8521 550 2640 1377 2951 2500 15000 10000 426 447 5000 12 8200 19000 126 202 7647 0 UE – Under Execution, UD – Under Development * Gap would be reduced if Phase II projects and possible domestic coal based UMPP come up Hydro Other Renewables Thermal …Message Box ( Arial, Font size 18 Bold) 5 Existing Generation Assets - Business Models Model Capacity (MW) % of overall capacity Regulated returns 3425 40% Fixed return on equity Savings on Norms + PLF incentive Regulated tariff mechanism (renewables) 426 5% Fixed tariff + PLF driven Savings on capex + CDM certificates / RECs as applicable Captive power plant 428 5% PPA driven (14-19%) Jojobera Merchant sales + saving on Tata Steel Jamshedpur (PH6) PPA terms + PLF incentive IEL (Unit 5) Merchant 100 ~1% Market driven No cap on returns Haldia (100MW) MoU/Bilateral 20 ~1% PPA driven As per PPA Haldia (20MW) WBSEDCL Gujarat, Maharashtra, Punjab, Rajasthan, Haryana Returns Upside Tata Power projects Off-take counterparty Mumbai Operations BEST, TPTCL, Tata (Thermal & Hydro), Power Distribution, Maithon, Jojobera, DVC,NDPL,WBSEBL TPDDL Wind, Solar Case II (for project) 4000 48% Bid driven PLF incentives CGPL Others 121 ~1% Bid driven PLF incentives Belgaun (81MW), Lodhivali (40MW) …Message Box ( Arial, Font size 18 Bold) 6 BESCOM, GUVNL, TPC-D, Tata Motors, TANGEDCO Mundra UMPP (4000 MW) Status Project Commissioned Capacity 4000 MW (5 X 800 MW) Customers Gujarat (1805 MW), Maharashtra (760 MW), Punjab (475 MW), Haryana (380 MW), Rajasthan (380 MW) Fuel Requirement & Source Imported Coal – 10-12 MTPA Offtake agreement with Indocoal for 10.11 ± 20% Looking for additional mines in Australia, Mozambique, S. Africa, Indonesia Funding Project Cost: Rs 180 bn (D/E: 75:25) As of Q1 FY14: Debt drawn – Rs. 130 bn, Equity invested – Rs. 51 bn Completion Linked to evacuation. All 5 units have been commissioned 400 kV switchyard was charged on 1 October 2011 with power from PGCIL. It is stabilised and Generator Transformers are charged External coal handling facility to unload ship directly to main plant commissioned and is in use All 5 units have been commissioned and CoD has been declared External Linkages Unit#1-5 …Message Box ( Arial, Font size 18 Bold) 7 Maithon Power Limited (1050MW) Status Project commissioned Capacity 1050 MW (2 X 525 MW) Customers DVC (300 MW), NDPL (300 MW), WBSEB (300 MW), 150 MW under negotiation Long term (30 yr) PPAs commence on CoD for DVC & 1st April 2012 for NDPL and WBSEB Fuel Requirement & Source Domestic Coal; 100% linkage sanctioned Fuel Supply Agreement (FSA) signed with Bharat Coking Coal for 1.6 mtpa FSA signed with Central Coalfields for 1.9 mtpa for Unit 2 FSA signed with Tata Steel for upto 1 MTPA Funding Project Cost: Rs.56 bn; (D/E: 70:30) As of Q1 FY14: Debt drawn – Rs.32 bn, Equity – Rs.14 bn Expected Returns Regulated: 15.5% ROE + Performance Incentives Work is in progress in the construction of the railway line to transport coal. Completion of railway infrastructure is expected to be delayed since land acquisition is not complete. Coal is currently being transported by road – road transportation contracts have been signed Evacuation ready. Connection agreement signed with PGCIL Both units have been commissioned and CoD has been declared External Linkages Unit #1-5 …Message Box ( Arial, Font size 18 Bold) 8 Projects Under Execution Project Capacity (MW) Fuel Dagacchu 126 Hydro • NA 202 Gas based • Production gases supplied by Tata Steel Kalinganagar Fuel Supply Agreement (FSA) Power off-take COD TPTCL FY14 Tata Steel Gas based – All 3 units expected by FY15 …Message Box ( Arial, Font size 18 Bold) 9 Projects Under Development – Domestic Capacity (MW) Project Fuel Source Status Kalinganagar Coal based: Application for linkage submitted, Indonesian coal being considered as backup 450 MOU finalised, Environment Clearance Coal based – All 3 units by for the gas based plant obtained by Tata Steel along with their 6 MTPA Steel Plant FY16 Dugar Hydro-electric Power Project Hydro 380 Preliminary survey works started Begunia Thermal Partially met through Mandakini coal block 1320 Land acquisition in progress Tiruldih IPP / CPP Partially met through Tubed coal block 1,980 To be executed in phases. Land acquisition in progress Maithon Phase II Long Term Coal Linkage application filed with MoC 1,320 Land available. Environment Impact Assessment under progress 36-40 months once all approvals are in place Mundra Phase II Imported coal 1,600 Land available. Under planning. 36-40 months once all approvals are in place Dehrand Imported coal 1,600 Land Acquisition in progress 36 – 40 months post completion of land acquisition Palaswadi Solar Solar 28.8 MW Under Development Expected to be Commissioned in FY14 Visapur Wind Wind 28.8 MW Under Development Expected to be Commissioned in FY14 Pethshivpur Wind Wind 49.5 MW Under Development Expected to be Commissioned in FY15 …Message Box ( Arial, Font size 18 Bold) 10 Execution schedule Once Detailed Project Report is approved, it will take 5-6 years to commission 36 – 40 months post land acquisition 40 months once all approvals are in place and land acquisition is complete Projects Under Development – International Project Details Cennergi formed through 50:50 JV between Tata Power and Exxaro Resources Limited, the second largest coal producer in South Africa with ith focus on development of power generation projects in South Africa, Botswana, Namibia and other African countries Tata Power in an agreement with Clean Energy Invest AS and IFC InfraVentures for development of hydro power projects in Georgia with 40% stake in the venture implementing three hydro projects aggregating to 400 MW Power sale primarily to Turkey (85%) and the rest within Georgia (15%) Memorandum of Agreement executed with Govt. of RAK for implementing comprehensive electricity management in the Emirate Project being executed by a consortium of Tata Power, Origin Energy and PT Supraco Indo. Project in exploration phase and PPA negotiation in progress with Indonesia‟s State Power Offtaker Exploratory drilling to commence in FY14 Cennergi Georgia Ras Al-Khaimah (RAK) Sorik Marapi Geothermal, Indonesia …Message Box ( Arial, Font size 18 Bold) 11 Renewable Projects under Execution/Development Dagacchu 126 MW Hydro project JV with SN Power 2 x 63 MW run of the river Hydro project with Tata Power holding 26% and Royal Govt. of Bhutan holding 74% Project cost-USD 220 million with debt equity of 60: 40; debt tied up with ADB and others PPA signed with Tata Power Trading Bhutan Power Transmission to provide transmission access to Bhutan border Commissioning expected by FY14 Exclusive partnership agreement with SN Power, Norway to develop joint hydropower projects in India and Nepal. Aim to have 2000 MW under construction or in operation by 2015 Recently won bid for the 380 MW Dugar hydroelectric project in Chenab valley (HP) Currently exploring possibility to develop hydro projects in the Himachal region and Sikkim Tata Power and Origin Energy of Australia, in consortium with PT Supraco, have been awarded the geothermal exploration concession in Indonesia Concession to develop 200 MW that needs an investment of INR30bn OTP Geothermal Won project through competitive process with participation from Chevron, PT Medco Energi Internasional Tata Power’s associate Geodynamics Australia commissioned 1 MW Geothermal pilot plant in Australia Cennergi Georgia Hydro 50:50 JV between Tata Power and Exxaro Resources for focus on electricity generation projects in South Africa, Botswana and Namibia Financial Closure successfully achieved for 135 MW Amakhala Wind Project and 95 MW Tsitsikamma Wind Project in South Africa Tata Power in an agreement with Clean Energy Invest AS and IFC InfraVentures for development of hydro power projects in Georgia 40% stake in the venture implementing three hydro projects in 2 phases of 185 MW and 215 MW Power sale primarily to Turkey (85%) and the rest within Georgia (15%) …Message Box ( Arial, Font size 18 Bold) 12 Expanding Global Footprint Tata Power – Global presence Hydro Projects Georgia Hydro Projects Bhutan Comprehensive Electricity Management, RAK, UAE Logistics Office Singapore Distribution Assignment Nigeria Technology Investments Australia JV for Power Projects – South Africa Coal Mines, Geothermal Project – Indonesia Partnerships have been built with several major players worldwide …Message Box ( Arial, Font size 18 Bold) 13 Strategic Investment in Coal 30% stake in Indonesian coal mines – KPC and Arutmin Total estimated coal production to reach 80 mm tonnes by FY14 Overall rights adequately protected through the Shareholders‟ Agreement Operating Performance Quantity mined (MT) FY13 FY12 ~78 ~67 FY11 ~58 Average Selling Price (FOB USD/ton) 76.1 94.3 77 33% stake in captive coal mines – Mandakini 7.5 MTPA (jointly allotted with Jindal Photo Film and Monnet Ispat & Energy - each JV Partner having a share of 2.5 MTPA) at Dist. Angul, Orissa Project cost expected to be ~Rs. 6 bn 40% stake in captive coal mines - Tubed 6 MTPA [Jointly allocated with Hindalco at Latehar, Jharkhand – Hindalco (60%) 3.6 MTPA & Tata Power (40%) 2.4 MTPA] Project cost expected to be ~Rs. 5.6 bn Coal mined planned to be utilised in 660 MW Tiruldih project 26% stake in Indonesian coal mines – BSSR • Acquired a 26 per cent stake in Indonesian miner PT Baramulti Sukses Sarana Tbk (BSSR) • Long-term coal supply agreement in proportion to shareholding …Message Box ( Arial, Font size 18 Bold) 14 Long term fuel contracts Project Fuel requirement Source of fuel Contract details Term PT Adaro: 1.00 MTPA (+/- 0.25MTPA) 5yrs c.3 MTPA of coal Purchase agreements Trombay Oil From nearby refineries, delivered by pipeline 1MMSCMD of Gas GAIL Jojobera Coal West Bokaro coal fields (Tata Steel) and Mahanadi Coalfields Limited (MCL) IEL Tata Steel Furnace and coke oven gases Coal West Bokaro coal fields (Tata Steel) Mundra c.12 MTPA of coal Purchase agreement PT Adaro: 1.00 MTPA (+/- 0.2MTPA) 10yrs Samtan: 0.65 MTPA (+/- 10%) Till FY14 Indocoal: 10.11 MTPA (+/- 20%) Till 2021 (extendable) 1.66 MTPA from Bharat coking coal Maithon c.4.5 MTPA of coal Coal linkage 1.98 MTPA from Central Coal Fields 0.05 – 1.00 MTPA from Tata Steel Haldia Hot flue gases Tata Steel …Message Box ( Arial, Font size 18 Bold) 15 Transmission and Distribution TRANSMISSION Transmission – Mumbai Powerlinks Transmissions Limited Tata Power is amongst the 3 transmission licensees that bring power into Mumbai 1,100 CKm of 220KV / 110KV lines and 19 receiving stations Network upgrade and capacity expansion projects are being carried out to meet the load growth in Mumbai DISTRIBUTION Distribution – Mumbai JV between Tata Power (51%) and Power Grid Corporation of India Ltd. (49%) India‟s first private sector inter-state transmission project, on a Build Operate Own and Transfer (BOOT) basis Formed to evacuate power from the 1,020MW Tala Hydro project in Bhutan and North Eastern and Eastern states to New Delhi and adjoining areas Consists of 1,166 Kms of 400 KV double circuit EMV transmission line Tata Power Delhi Distribution Limited Among 3 private distribution licensees Infrastructure – Approximately 1,782 Kms of high tension and low tension underground cable network – 99.33 kms overhead line network, – 17 receiving stations, 14 distribution sub-stations and 441 consumer sub-stations Customer base of over 4 lakh retail customers JV between Tata Power (51%) and Government of Delhi (49%) License to distribute power to North and North-west Delhi Among the 3 private licensees in Delhi 25,572 11 KV sub-stations, 58 grid stations, 4,265 Kms of HV cable and 5,687 Kms of LV cable Over 13 lakh customers Tata Power – Power Distribution Ltd Distribution Franchisee in Jamshedpur Expected retail customer base of 3 lakh customers …Message Box ( Arial, Font size 18 Bold) 16 Other Businesses Tata Power Trading 100% subsidiary TPTCL, holds a trading license for a period of 25 years starting from 2004 Holds a Category 1 trading license, the highest grade of license, which permits the company to trade any amount of power Shipping Subsidiaries Tata Power Solar Systems Trust Energy Resources Pte Ltd incorporated in Singapore for owning ships to meet shipping requirements and trading in fuels, Energy Eastern Pte Ltd incorporated for chartering of ships Shipping requirement for Mundra - 5 vessels going up to 7 vessels by FY14 To be met through a combination of long term charters and out right purchases of cape size vessels – 3 LT charters signed, 1 under final stages of negotiation and 2 Korean build vessels purchased Solar Cell Manufacturing Facility with installed capacity of 84MW; Module Manufacturing Facility with installed capacity of 125MW Initially focused on exports, currently increasing focus on domestic sales Originated as an internal R&D unit for power electronics; designs and develops electronic devices Strategic Electronics Division (SED) SED was recently awarded the prestigious order to modernise Airfield infrastructure for the Indian Airforce Fast emerging as a prime contractor to Ministry of Defense (MoD) for indigenous products Does not manufacture ammunition or explosives of any kind, including cluster bombs and anti personnel mines …Message Box ( Arial, Font size 18 Bold) 17 Appendix: Detailed Financial Statements …Message Box ( Arial, Font size 18 Bold) Snapshot Stand Alone Financials – Q1 FY2014 Figures in ` Crores Q1FY14 Q1FY13 Revenue from Operations (Net) 2,607 2,284 Expenses 2,001 2,062 Profit from operations before other income, finance costs and tax 606 222 Other Income 180 346 Profit before finance costs and tax 786 568 Finance costs 236 140 Profit before tax 550 428 Tax expense 193 116 Net profit after tax 357 312 …Message Box ( Arial, Font size 18 Bold) 19 Standalone Results - Q1 FY2014 …Message Box ( Arial, Font size 18 Bold) 20 Snapshot Standalone Financials – FY2013 Figures in ` Crores FY13 FY12 Revenue from Operations (Net) 9,567 8496 Operating Expenditure 7,543 6,711 Operating Profit 2,024 1,785 Add: Other Income 722 983 Less: Finance Costs 678 515 2,067 2,253 364 570 1,703 1,683 679 513 1,025 1,170 Profit Before Depreciation and Tax Less: Depreciation/Amortization/Impairment Profit Before Tax Less: Tax Expenses Net Profit/(Loss) After Tax …Message Box ( Arial, Font size 18 Bold) 21 Robust Financials (Standalone) All figures in INR billion Revenues 11.7 95 79 FY09 Profit After Tax 103 74 74 FY10 FY11 FY12 FY13 9.2 9.4 9.4 FY09 FY10 FY11 FY10 106.26 FY11 FY12 FY13 110.40 41 34.4 FY09 107.62 99.99 45.3 41 FY12 Networth Earnings per share 44 10.2 FY11 FY12 FY13 81.10 FY09 FY10 …Message Box ( Arial, Font size 18 Bold) 22 FY13 Snapshot Consolidated Financials – Q1 FY2014 Figures in ` Crores Q1FY14 Q1FY13 Revenue from Operations (Net) 9,339 7,254 Expenses 7,923 6,346 Profit from operations before other income, finance costs, exceptional item and tax 1,416 908 Other Income (228) 63 Profit before finance costs, exceptional item and tax 1,188 971 Finance costs 902 549 Profit before exceptional item and tax 286 421 - - Profit/(Loss) before tax 286 421 Tax expense 335 226 Net profit after tax (49) 195 (115) 146 Exceptional Item – Provision for impairment Net profit/(loss) after tax, minority interest and share of profit of associates …Message Box ( Arial, Font size 18 Bold) 23 Consolidated Results - Q1 FY2014 …Message Box ( Arial, Font size 18 Bold) 24 Snapshot Consolidated Financials – FY2013 Figures in ` Crores FY13 FY12 Revenue from Operations (Net) 33,025 26,001 Operating Expenditure 26,580 21,101 6,445 4,900 369 269 Less: Finance Costs 2,636 1,527 Profit Before Depreciation and Tax 4,178 3,642 Less: Depreciation/Amortization/Impairment 2,901 3,135 Profit Before Tax 1,276 507 Less: Tax Expenses & share of minotiry Int & Associates 1,362 1,595 (85) (1087) Operating Profit Add: Other Income Net Profit/(Loss) After Tax (After minority Intererst / share of associates) …Message Box ( Arial, Font size 18 Bold) 25 Robust Financials (Consolidated) Revenues All figures in400 INR billion EBITDA and EBITDA margin 334.0 350 300 186 196 24.00% 68.1 70 263 60 250 200 23.14% 80 199 50 40 150 36 19.60% 46 19.68% 39 52 30 23.00% 22.00% 19.59% 21.00% 20.39% 20.00% 100 20 19.00% 50 10 18.00% 0 FY09 FY10 FY11 FY12 EBIT and EBIT margin 40 35 16.1% 30 30 15.2% 36 30 FY10 FY11 FY12 42.0 36 13.8% 25 20.0% 18.0% 25.0 16.0% 20.0 14.0% 12.6%12.0% 15.0 10.0% 20 10.1% 19.8 12.0% 10.4%20.6 10.0% 8.0% 12.6 6.8% 6.0% 10.0 8.0% 15 4.0% 6.0% 5.0 10 4.0% 0.0 5 2.0% 0 0.0% FY09 FY10 FY11 FY13 Net Income and Net Income margin 18.2% 45 17.00% FY09 FY13 FY12 FY13 2.0% FY09 FY10 FY11 FY12 -5.0 -10.0 -15.0 …Message Box ( Arial, Font size 18 Bold) 26 FY13-0.2% 0.0% -0.8 -2.0% -4.1% -4.0% -10.9 -6.0% Tata Power Stock Performance April 2011 – till date: normalized chart Apr 2012 value BSE Sensex Power Index Tata Power 17,319 2,012 106 120 110 100 90 80 70 60 …Message Box ( Arial, Font size 18 Bold) 27 Tata Power has undertaken a number of initiatives on Sustainability as a part of „Leadership with Care‟ Sustainability initiatives Care for Environment Renewables, clean/ green energy Efficient technologies Care for Community Energy clubs Safety and health Livelihood, infrastructure and natural resources Customer care centers Employee learning & development Initiatives Bio-Diversity conservation Eco-restoration and Eco-development in Western Ghats Care for People Community engagement Carbon footprint reduction Fly ash brick manufacturing unit at Jojobera Care for Customers Demand side management, energy audits Solar lights – Mundra, Mulshi, etc 25 customer care centres Support for Uttarakhand - cash donation, deputation of Engineers to rebuild power supply Continued energy conservation efforts through Club Enerji …Message Box ( Arial, Font size 18 Bold) 28 Developing managers centric, across domains/ functions Association with DuPont for benchmarked safety management practices Innovations and improvements for working at height Awards and Recognition CII ITC Sustainability Award 2012 for strong commitment to environment Power Line award for ‘Best Performing Renewable IPP’ Power Line ‘Best Performing Private Discom’ award for TPDDL Winner - Infrastructure Excellence Awards 2012 for the project – Ultra Mega Power Project, Mundra, Gujarat …Message Box ( Arial, Font size 18 Bold) 29 Website: www.tatapower.com Email ID: investorrelations @tatapower.com Investor Relations Team Nandakumar S Tirumalai Head – Corporate Finance & Treasury Tel : +91 22 6717 1513 Anirudh Mani Lead – Corporate Finance & Treasury Tel +91 22 6717 1312 …Message Box ( Arial, Font size 18 Bold) 30